North America region is expected to lead the food traceability market, followed by Europe owing to ongoing soaring economies. However, in the emerging economies, the market option rate of food traceability systems predicted to be low. Despite that, the consumers in the emerging nations are becoming increasingly aware for food safety leading to the increase in consumer demand for food traceability, aiding to the growth prospects of various food traceability companies for expansion. North America region is expected to acquire major revenue share in the industry and is further anticipated to grow significantly over the forecast period. Meat & livestock segment is also projected to lead the industry followed by fresh produce & seeds.
Different needs for various products and associated costs for food traceability are the major constraints for the food traceability market. Moreover, leading manufacturers avoid food tracing to some extent owing to the increase in prices. The food traceability market has been governed by retailers. However, the food manufactures are expected to surpass in terms of growth rate in revenue. Food traceability system is extremely crucial in food & beverages industry as the system possesses the highest risk of product recall incurred with huge financial losses. Hence, food traceability technology holds a significant place as the products are perishable in nature and the industries focus on avoiding any unnecessary cost investment for extensive investigation to locate probable source of contamination. Food retailers are taking various measures to facilitate recording of each product on the food traceability system by partnering with technology providers.
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The ability to identify and validate various stages of the food chain from production to distribution is called food traceability. Food traceability is an umbrella term recognizing the origin of the food, knowledge of destination and distribution to various end users. Particularly, multi-ingredient food includes materials from different food chain & countries via traceability systems of other countries. Food traceability is a crucial system and has many applications in the fresh produce & seeds, meat & livestock, fisheries, dairy, beverages and others markets. The system is being supported by various equipment m including thermal printers, PDA with GPS, tags & labels, 2D & 1D scanner, sensors and others.
Legislative framework and standardizations & certifications are one of the major drivers for the market. Various rules and regulations implemented by numerous nations have expected to fuel the market over the forecast period. Other factors assisting the market growth are flow of information upstream & downstream of supply chain, tracing contamination & product recall and. competitive edge & brand loyalty.
Industry Top Vendors
Key leading players operating in food traceability/tracking technologies industry are C.H. Robinson., Intermec Inc., DuPont Nutrition & Health, Honeywell International Inc., Cognex Corporation, Motorola solutions, Inc., Bio-Rad Laboratories, MASS Group, Zebra Technologies and IBM Corp.
The health of consumers is a direct concern of food traceability market as consumption of contaminated food may lead to health issues. Thus, a highly efficient traceability module is demanded by the consumers of the food market. Furthermore, lack of technological awareness and less pressure from governments in various emerging regions, has led to the low bargaining power of buyers. The high demand for food traceability globally is expected to change with the emerging market and suppliers will have to address the demands of buyers which will further increase the bargaining power of the buyers.
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The global food traceability market has been segmented on the basis of equipment, application, technology, and end-users. Based on equipment, the market has been segregated by PDA with GPS, thermal printers, 2d & 1d scanners, tags & labels, sensors and others. Based on application, the market has been bifurcated as meat & livestock, fresh produce & seeds, dairy, beverages, fisheries, and others. On the basis of technology, global food traceability market has been segmented as RFID/RTLS, GPS, barcode, infrared, and biometrics. End users segment comprises of food manufacturers, warehouse/pack farms, food retailers, defense & security departments, and other government departments.
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